Piepszak Jennifer 4

What Happened

• Jennifer Piepszak, Chief Operating Officer of JPMorgan Chase & Co., had 57,514.735 Performance Share Units (PSUs) convert to common stock on March 25, 2026. Of those, 29,404.735 shares were surrendered/withheld to cover tax liabilities at $295.04 per share, netting $8,675,573. The remaining 28,110.000 shares were delivered to her and must be held under the award terms. The full settlement value of the converted PSUs is roughly $16.97 million (based on the $295.04 per-share amount used for the withholding).

Key Details

• Transaction date reported: March 25, 2026; Form 4 filed March 27, 2026 (reporting period 03/25/2026).
• Transactions shown:
  • M (exercise/conversion of derivative): 57,514.735 PSUs converted to 57,514.735 shares @ $0.00 (settlement).
  • F (payment of tax liability): 29,404.735 shares disposed @ $295.04 = $8,675,573 (withholding/sale to cover taxes).
• Net shares delivered to Piepszak after withholding: 28,110.000 shares (subject to holding restrictions).
• Holding requirement: Shares settled from this PSU award were granted Jan 17, 2023 (three-year performance period ended Dec 31, 2025) and must be held for an additional two years — a total five-year vesting+holding period from the grant date (per footnotes).
• Shares owned after the transaction: not disclosed in this filing.
• Filing timeliness: filed within the typical reporting window (no late‑filing flag reported).

Context

• These were PSU awards (each PSU is a contingent right to one share upon meeting performance goals). This is a settlement of earned PSUs, not an open-market investment decision by the insider. The sale shown (29,404.735 shares) is a routine tax‑withholding action rather than a discretionary market sale. The remaining shares are subject to transfer restrictions for the specified two-year holding period.